Equity markets in Europe and Asia yesterday, as oil climbed to near $ 111 a barrel, and drop the pieces of gold in the morning session in London to 1744 USD/Troy per ounce, a decline from 1747USD/Troy per ounce in the previous session pieces. The price of gold at the previous close in New York was $ 1745.75 an ounce.
European shares rose in trading yesterday to promote last week’s gains, which amounted to 8.5% thanks to the growing hopes of a comprehensive solution to the debt crisis the euro area during a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel ahead of a crucial summit of the EU.
And reduced movement of Italy to unveil austerity program worth 30 billion euros tensions on the financial situation of the country and contributed to the increase in investors’ appetite for assets such as risky stocks.
The FTSEurofirst 300 index of leading European shares rose 0.7 percent to 991.90 points, a level not seen since late October.
The benchmark FTSE 100 was 0.7% and 1.1%, Germany’s DAX and France’s CAC 40 1.4%.
And the Nikkei index yesterday reinforced the significant gains achieved by the last week, thanks to improved sentiment toward the debt crisis in the European Union despite the continuing uncertainty about how to assess markets for new austerity plan in Italy, which limited the upward direction.
The index rose 0.6% to 8695.98 points, adding to last week’s gains, which amounted to 6%.
The index of broader Topix rose 0.6 percent to 748.61 points.
Oil prices rose yesterday increased the price of Brent crude Brent crude futures to near $ 111 a barrel, extending gains last week, with the escalation of tension between Iran and the West, which increased the risk of stopped shipments of crude oil from the fifth-largest oil exporter in the world.
Iran warned the west yesterday that any step to stop its oil exports will increase oil prices to more than double what would have dire consequences for the fragile world economy.
The price of Brent rose 89 cents to 110.83 dollars a barrel after hitting a weekly increase exceeded 3%, the best performance since mid-October. Earlier, Brent rose to the level of 111.22 dollars a barrel, its highest level during the day.
The price of U.S. crude rose 81 cents to light 101.77 dollars a barrel after a week rose by 4.3%.